Singapore has overtaken Hong Kong for having the fastest rising luxury home prices, rising at an annual rate of 13% to the end of Q3 2018, according to Knight Frank’s Prime Global Cities Index.
Price rises in Singapore were driven in part by the limited availability of high-end properties. Hong Kong fell to 14th place with third quarter year-on-year price gains of just 5.5%.
The price of luxury properties globally increased by 2.7% on average across the 43 cities tracked, which was the weakest performance in annual terms in almost six years. Cities in Europe had a rather mixed performance with some, such as Edinburgh and Madrid doing quite well, which placed them among the top five. Others like London moved into negative territory, with luxury prices dipping 2.9% amid continuing uncertainty around Brexit.
Paris and Berlin, meanwhile, swapped spectacular for steady, with gains of 5.6% and 5.4% respectively.
Dubai joined London among the decliners with prices falling 3.8%, making it the fifth-worst performer. Tying for second-worst place were Stockholm, Istanbul and Taipei, all registering 6.3% declines in the third quarter from a year earlier. Vancouver was hit hardest however, with prices there down 11% compared to a year ago.